杰华特：算力电源IC开始放量

Investment Rating - The report assigns a "Buy" rating for JoulWatt Technology (688141) with a first-time coverage [2]. Core Insights - The company achieved a revenue of 1.192 billion yuan in the first three quarters of 2024, representing an 18.62% year-on-year increase, although it reported a net loss of 507 million yuan [4]. - The gross margin is gradually recovering as the inventory destocking cycle in downstream markets comes to an end, with a comprehensive gross margin of 28.03% [4]. - The company is focusing on customer demand, increasing R&D investment, which accounted for 41.14% of revenue in the first three quarters [4]. - New product lines, including various models of DrMOS and multi-phase controllers, are steadily advancing towards mass production [4]. - The company is expected to achieve net profits of -550 million yuan, -140 million yuan, and 700 million yuan for the years 2024, 2025, and 2026 respectively [4]. Financial Summary - Revenue is projected to grow from 1.297 billion yuan in 2023 to 2.708 billion yuan in 2026, with growth rates of -10.43%, 28.74%, 30.43%, and 24.38% respectively [5]. - The net profit attributable to the parent company is expected to improve from -531.41 million yuan in 2023 to 68.56 million yuan in 2026 [5]. - The company’s asset-liability ratio is projected to increase from 36.9% in 2023 to 59.4% in 2026 [7].